The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity
2018, with Daniel Carvalho and Gordon Phillips, Journal of Finance, 73(6), 2787-2836.
Ideas, evidence,
and economic insight.
Empirical corporate finance, behavioral corporate finance, corporate diversification, and labor finance.
48 research entries
Selected publications FT 50 journals
Employment Protection, Investment, and Firm Growth
2020, with DJ Fairhurst and Matthew Serfling, Review of Financial Studies, 33(2), 644-688 (Historical Headquarters Data)
Research: How Employee Protections Affect Investment and Growth
with DJ Fairhurst and Matthew Serfling, Harvard Business Review (Online), 2019
Organizational Form and Trade Liberalization: Plant-level Evidence
2021, Management Science, 67(12), 7755–7784 (Solo-authored)
Management Practices and Mergers and Acquisitions
2022, with Wang Jin and Matthew Serfling, Management Science, 68(3),
1591–2376
Media Coverage: Columbia Law School Blue Sky Blog; Coller Capital
Social Capital and Individual Behaviors: Evidence from Financial Advisers
with Chenguang Shang, Chi Wan, and Eddie Zhao, Journal of Business Ethics (2021), 1-24
Research: How Management Practices Impact M&A Outcomes
2021, with Wang Jin and Matthew Serfling, Harvard Business Review (Online) 2021
What a Difference a (Birth) Month Makes: the Relative Age Effect and Fund Manager Performance
2019, with Linlin Ma, Kevin Mullally, and David H. Solomon, Journal of Financial Economics, 123(1), 200-221
Media Coverage: Wall Street Journal; Harvard Law School Forum on Corporate Governance and Financial Regulation
Fund Manager Skill in an Era of Globalization: Offshore Concentration and Fund Performance
2021, with Yuehua Tang, Chi Wan, and Zafer Yuksel, Journal of Financial Economics, 145(2) Part A, 18-40 (Mutual Fund Offshore Concentration Data)
What do Outside CEOs Really Do? Evidence from Plant-level Data
2022, with Anahit Mkrtchyan, Journal of Financial Economics, 147(1), January 2023, 27-48
Proximity and Knowledge Spillovers: Evidence from the Introduction of New Airline Routes
2023, with Wang Jin and Sifan Zhou, Management Science, 70(11), pp.7464-7485
Your Company Will Need Remote Work as Extreme Weather Gets Worse
with Erik Brynjolfsson, Wang Jin, Sebastian Steffen and Chi Wan, Harvard Business Review (Online) 2023
Platform-provided Disclosure on Investor Base and Entrepreneurial Success: Evidence from Crowdfunding
2025, with Ting Chen, Xiumin Martin, and Chi Wan, The Accounting Review, 99(5), pp.97-122
Everyone Steps Back? The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear is High
2025, with Bill Kerr, Chi Wan, and Alptug Yorulmaz, Research Policy, 54(1) p.105141
Local Labor Market Competition and Capital Structure Decisions
2022, with Massimo Massa, Chi Wan, and Yan Wang (Journal of Financial and Quantitative Analysis, Forthcoming)
Thematic Investing in Mutual Funds
2026, with Yuehua Tang, Chi Wan, and Zafer Yuksel (Forthcoming at Review of Financial Studies)
Nudges on Environmental Engagement: Evidence from Crowdfunding
2026, with Yi Cao, Xiumin Martin, and Chi Wan (Forthcoming at Review of Accounting Studies)
Working papers
Cloud Adoption and Firm Performance: Evidence from Labor Demand
2023, with Wang Jin, (R&R at Management Science)
Executives vs. Chatbots: Unmasking Insights through Human-AI Differences in Earnings Conference Q&A
2023, with Nicole Boyson, Yi Cao, Miao Liu, and Chi Wan (R&R at Management Science))
Deciphering the Intentional Obfuscation: Machine Learning Decomposition of Financial Reporting Readability
2023, with Yi Cao, Feng Li, Uchenna Onuoha, and Chi Wan (R&R at The Accounting Review)
CICF 2026
Are Mutual Fund Managers Paid for Performance? Evidence from U.S. Administrative Earnings Data
2022, with Linlin Ma, Kevin Mullally, and Yuehua Tang (R&R at JFE)
WFA 2024
FSRDC Research Project No. 1987 (proposal submitted in May 2017 and approved in February 2019)
Beyond Profit: Unraveling the Social Face of State-Owned Enterprises in Labor Events
2023, with Liu Yang and Donghua Zhou (Minor R&R at Management Science)
Weathering the Storm: How Remote Work Protects Firm Performance during Natural Disasters
2021, with Erik Brynjolfsson, Wang Jin, Sebastian Steffen and Chi Wan (R&R at MIS Quarterly)
Racial Diversity and Financial Advisor Misconduct
2025, with Douglas Cumming, Lei Jin, Chi Wan, and Alptug Yorulmaz (R&R at Journal of Business Ethics)
Creativity without Walls: the Case of Open Innovation
2025, with Rui Dai, Anahit Mkrtchyan, and Chi Wan (Reject and Resubmit at Journal of Financial and Quantitative Analysis)
The Price of a News Desert: Local Newspaper Closure and Financial Service Quality
2025, with Poojan Patel, Chi Wan, and Donghua Zhou (R&R at Contemporary Accounting Review)
CICF 2026
The Digital Wordsmith: AI-Assisted Disclosures and Crowdfunding Success
2023, with Yi Cao, Miao Liu, and Chi Wan (being revised for submission)
Thy Bust, My Boom: Micro Evidence on Small Firms' Tech Evolution after Dot Com Bubble Burst
2023, with Li Chen and Wenting Ma (being revised for submission)
AFA 2026
CICF 2026
Talent War, Financial Development, and Income Inequality
2025, with Minggui Yu and Mengmeng He (Submitted)
From Property to Productivity: The Impact of Real Estate Purchase Restrictions on Robotics Adoption in China
2025, with Minggui Yu and Mengmeng He (Submitted)
Rewiring the Modern Organization: How Data-Driven Technologies Reshape Organizational Structure and Operational Performance
2025, with Rongda Chen, Chenglu Jin, Wang Jin, and Chen Shen (Submitted)
Labor Competition and Entrepreneurship
2026, with Po-Hsuan Hsu , Chi Wan , and Alptug Y. Yorulmaz (available upon request)
Race, Gender, and Careers in Asset Management: Evidence from U.S. Administrative Data
with Linlin Ma, Kevin Mullally, Aisulu Munkina, and Yuehua Tang (available upon request)
CICF 2026
Narrative Risk Disclosure: Implications for Systematic Risk Exposures
with Miao Liu, Chi Wan, and Zafer Yuksel (Submitted)
Work in progress
Can We Survive Without GenAI? The Human Comeback in Financial Content Creation and Reader Engagement
2026, with Yi Cao, Mengmeng Ao, and Chi Wan
When Reputation Lies: The Economic Consequences of Misinformation—Evidence from Yelp
2025, with Yi Cao, Chi Wan, and Sean Wang
Pay Secrecy Laws and Corporate Social Responsibility
2025, with Senlin Miao, Chi Wan, Rongda Chen, and Chenglu Jin
Mispriced Green? Climate Regulation and Takeover Opportunities
2026, with Dongxu Li, Xiaoran Ni, and Qi Zhao
Other publications
Capital Market Frictions and Human Capital Investment: Evidence from Workplace Safety around Regulation SHO
2020, with Eunju Lee and Chi Zhang, The Financial Review, 55(2), 339-360
Financial Disclosure Transparency and Employee Wages
2022, with Matthew Serfling and Sarah Shaikh, The Financial Review, 57(4), 751-773
The Impact of Social Capital on Individual Responses to COVID-19 Pandemic: Evidence from Social Distancing
2022, with Shuili Du, Wang Jin, and Chi Wan, Forthcoming, Empirical Economics
Shareholder Litigation Risk and Peer Firm Disclosure
2021, with Mengchao Ai, Ting Chen, Senlin Miao, and Amy Sun, Forthcoming, Journal of Accounting, Auditing and Finance
Managing Climate Change Risks: Sea Level Rise and Mergers and Acquisitions
2021, with Yongqiang Chu, Chen Shen, and Chi Wan, Quarterly Journal of Finance, Vol. 14, No. 01, 2450006 (2024)
Growing Pains: The Effect of Labor Mobility on Corporate Investment over the Business Cycle
2022, with Ashleigh Eldemire-Poindexter and Matthew Serfling, Forthcoming, Journal of Banking and Finance
Sea‐level rise and firms' financial structure decisions
. Review of Financial Economics, 42(4), pp.442-466.
Board Connectedness and Innovation Search Strategy
2023, with Mengchao Ai, Senlin Miao, Mengyi Gu, and Alptug Y. Yorulmaz (Forthcoming at Financial Management)
If You Cannot Beat Them, Acquire Them: Local Labor Market Competition and Mergers and Acquisitions
2022, with Yi Cao, Tyler Hull, Chen Shen, and Chi Wan (Forthcoming at Financial Review)
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